Buffalo Grove Real Estate Market Update
My continued thoughts and prayers go out to everyone affected by COVID-19 and I hope you are staying safe and healthy. With our new reality, I know many people are curious about what is going on in the Real Estate market and I will continue to provide my monthly update. Buyer demand for Buffalo Grove real estate is proving to be very resilient, especially for detached single-family homes. For July, despite a significant decline in new listings and total homes for sale, homes going under contract decreased only slightly over last year. The overall results are disappointing due to a lack of inventory, but, I believe there is some good news here as there was still very solid activity for the month, despite a time of great uncertainty. It is quite evident that this is not a housing crisis like we experienced in 2008 through 2012. Based on the demand we are seeing from Buyers, it is my expectation that 2020 will still be a good Real Estate year, just delayed more to the late Summer and Fall. The next couple of months will sure be interesting to see if homeowners decide to put their homes on the market and meet the strong demand by Buyers. Stay safe everyone!
Single Family Homes:
Average Market Time
The average time a single-family home remains on the market in Buffalo Grove was 70 days in July 2020, which was down from 81 days in July 2019, which is a pretty low number for the Chicagoland area.
As of August 1, 2020, there is 3.0 months supply of single-family homes for sale in Buffalo Grove compared to 5.4 last year. Anything under 5 months is considered a seller’s market. This is a key measure demonstrating that we aren’t experiencing a crisis like 2008 and due to a relative lack of inventory, prices should remain stable. Well priced, nicely updated homes are selling fast and often with multiple offers.
Homes For Sale
At the end of July 2020, there are 96 single family homes for sale in Buffalo Grove, compare that to the 175 available at this time last year meaning that inventory has declined significantly. It will be interesting to see if August and September will be busy listing periods this year.
68 single family homes were listed for sale in July of 2020, compared to 98 new listings last year. These next couple of months will be interesting to see if we can begin to meet the high buyer demand.
Homes Under Contract
41 single family homes went under contract in Buffalo Grove in July 2020, down from the 49 homes going under contract in July 2019. This is still pretty solid given that there is half the number of available homes to choose from!
54 Single-family homes closed in July 2020, an increase from 50 in July 2019. For the first seven months of 2020, 221 homes have closed this year versus 230 in 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 74 days which is up from 53 days in July 2019.
As of August 1, 2020, there is 4.5 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 4.4.
Homes For Sale
At the end of July 2020, there are 126 Condos and Townhomes for sale in Buffalo Grove, compare that to the 124 available at this time last year.
84 Condos and Townhomes were listed for sale in July of 2020, a sizable increase from 53 last year.
Condos and Townhomes Under Contract
47 Condos and Townhomes went under contract in Buffalo Grove in July, which is a significant increase from 29 from 2019. This demonstrates that there is plenty of buyer demand to satisfy more listings!
30 Condos and Townhomes closed in July 2020, down from 36 in 2019. For the first seven months, we have had 181 closings in 2020, a decline from 217 in 2019.
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